Corbus Pharmaceuticals Holdings Inc (NASDAQ: CRBP) is having a strong start to the trading session this morning, and for good reason. The company announced positive clinical data from a Phase 2 study, exciting invetors and sending the stock on a run for the top. Today, we’ll talk about:
- The data;
- what we’re seeing from the CRBP stock as a result; and
- what we’ll be watching for ahead.
CRBP Announces Positive Clinical Data
As mentioned above, Corbus Pharmaceuticals is having a relatively strong start to the trading session this morning after the company announced positive clinical data. In a press release issued minutes ago, the company said that it has seen continued favorable safety and tolerability profiles and further improvement in efficacy outcomes in a Phase 2 trial.
The trial CRBP released the data from is an open-label extensions of lenabasum Phase 2 study in two rare, yet serious, autoimmune diseases. These diseases include systemic sclerosis and dermatomyositis. In the release, the company said that 18 month data from the SSc OLE and 12 month data from the DM OLE are being presented at the American College of Rheumatology 2018 Annual Meeting in Chicago. In a statement, Barbara White, M.D., the company’s CMO, had the following to offer:
We are very enthusiastic about the therapeutic potential of lenabasum in systemic sclerosis and dermatomyositis. In these ongoing open-label extension studies, lenabasum continues to have an acceptable safety and a promising efficacy profile consistent across time, multiple outcomes, and across the two related diseases… We look forward to completing our late-stage ongoing clinical development program.
The above statement was followes up by Yuval Cohen, PhD, CEO at CRBP. Here’s what he had to offer:
This latest long-term clinical data further strengthens our belief that specifically targeting the body’s endocannabinoid system (ECS) with rationally-designed synthetic cannabinoids could provide an entirely new way of treating not only these two devastating autoimmune diseases but a wide range of other chronic autoimmune and inflammatory diseases. With the recent addition of over 600 novel ECS-targeting compounds to our pipeline, Corbus is well positioned to leverage our expertise and proprietary intellectual property to carry out our vision of becoming a leader in this field.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of CRBP, the news proved to be positive. After all, the strong safety, tolerability and efficacy data bring the company one step closer in the path to market for lenabasum. So, it comes as no surprise that excited investors are pushing the stock upward in the market this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:06), CRPB is trading at $7.40 per share after a gain of $0.15 per share or 2.07% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CRBP. In particular, we’re interested in following the story surrounding the company’s continue work to bring lenabasum to market as well as the company’s continued development of the rest of its pipeline. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!